Great news!…. The trends continue to show signs of improvements. For those of you that have been following our real estate markets here in the Coeur d’Alene area you know that we have been been stabilizing for the last four months or so and that trend seems to be continuing. I am a big supply and demand guy coming from my old econ roots and we have consistently reported stronger sales (Demand) and lower inventories (Number of homes on the market) and over time that can only mean one thing ….. prices will begin to stabilize or improve. Last month was no exception.
In February 2012 as compared to February 2011 we saw the number of home sales increase 14.5% and looking forward for the same time period the number of pending home sales increased 21.3%. Another important note as it relates to demand is that we are seeing more sales above $300,000, a segment of the Coeur d’Alene real estate market that was relatively weak the last few years.
As far and inventories go, we continue to see marked improvement there as well. The number of listings on the market in February 2012 as compared to February 2011 is down 7.6% and the number of new listings that have come on-line last month is down a whopping 15.9%.
So what has this done for prices? Well the average sales price was up 1.63% and the median sales price was up 6.22% in February compared to the same month last year. Yes, I said it prices are UP! One big caveat though, these are the average and median sales price this does not mean that a particular home has gone up in value from this time last year, but that more expensive homes are selling pushing these numbers higher.
So what is the take away? Prices are still low, interest rates are still low, so if you are on the fence and waiting to see what happens there is a good chance you are going to miss the unique opportunities that have been presented to you. One complaint I am hearing is there is less to choose from or that the one we were following is now pending or sold. The deals won’t last forever so if you are serious about purchasing a home in beautiful North Idaho the time is now. READ ENTIRE REPORT HERE
Please shoot me an e-mail or give me a call should you wish to learn more about the Coeur d’Alene market or visit www.kbennett.com to search for all the listings in Kootenai County currently available